Pinnacle Associates Ltd. Has $3.83 Million Stock Position in Constellation Brands, Inc. (NYSE:STZ)

Pinnacle Associates Ltd. reduced its holdings in Constellation Brands, Inc. (NYSE:STZ - Free Report) by 35.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,849 shares of the company's stock after selling 8,641 shares during the period. Pinnacle Associates Ltd.'s holdings in Constellation Brands were worth $3,831,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. New Millennium Group LLC bought a new stake in shares of Constellation Brands in the second quarter valued at about $25,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Constellation Brands in the 2nd quarter worth approximately $29,000. Horizon Bancorp Inc. IN acquired a new stake in shares of Constellation Brands during the 2nd quarter worth approximately $32,000. Opal Wealth Advisors LLC bought a new stake in shares of Constellation Brands during the second quarter valued at approximately $36,000. Finally, Ashton Thomas Private Wealth LLC acquired a new position in shares of Constellation Brands in the second quarter valued at $36,000. 77.34% of the stock is currently owned by institutional investors and hedge funds.

Constellation Brands Trading Up 0.2 %

STZ traded up $0.43 during mid-day trading on Friday, hitting $232.77. The stock had a trading volume of 1,350,890 shares, compared to its average volume of 1,186,563. Constellation Brands, Inc. has a 1-year low of $231.70 and a 1-year high of $274.87. The firm has a market capitalization of $42.26 billion, a price-to-earnings ratio of 75.18, a price-to-earnings-growth ratio of 1.66 and a beta of 0.88. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.25 and a quick ratio of 0.53. The stock's fifty day simple moving average is $245.68 and its 200-day simple moving average is $249.88.

Constellation Brands (NYSE:STZ - Get Free Report) last posted its earnings results on Thursday, October 3rd. The company reported $4.32 earnings per share for the quarter, topping the consensus estimate of $4.08 by $0.24. Constellation Brands had a return on equity of 25.34% and a net margin of 5.29%. The firm had revenue of $2.92 billion for the quarter, compared to analyst estimates of $2.95 billion. During the same period in the previous year, the company posted $3.70 earnings per share. The company's revenue for the quarter was up 2.9% on a year-over-year basis. As a group, research analysts forecast that Constellation Brands, Inc. will post 13.57 EPS for the current fiscal year.

Constellation Brands Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Tuesday, November 5th will be issued a dividend of $1.01 per share. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $4.04 annualized dividend and a yield of 1.74%. Constellation Brands's dividend payout ratio (DPR) is currently 130.74%.

Wall Street Analysts Forecast Growth

STZ has been the topic of several analyst reports. Jefferies Financial Group boosted their price target on shares of Constellation Brands from $310.00 to $311.00 and gave the company a "buy" rating in a report on Friday, July 5th. Roth Mkm reissued a "buy" rating and issued a $298.00 price target on shares of Constellation Brands in a research report on Friday, October 4th. Morgan Stanley cut their price target on shares of Constellation Brands from $305.00 to $280.00 and set an "overweight" rating for the company in a research note on Monday, August 26th. UBS Group decreased their price objective on Constellation Brands from $320.00 to $295.00 and set a "buy" rating on the stock in a research report on Monday, September 9th. Finally, Truist Financial lowered their target price on Constellation Brands from $265.00 to $255.00 and set a "hold" rating for the company in a research note on Friday, October 4th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $290.47.

Insiders Place Their Bets

In other news, CFO Garth Hankinson sold 13,583 shares of the stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $240.00, for a total transaction of $3,259,920.00. Following the completion of the sale, the chief financial officer now owns 11,702 shares of the company's stock, valued at $2,808,480. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Garth Hankinson sold 13,583 shares of the business's stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $240.00, for a total value of $3,259,920.00. Following the sale, the chief financial officer now directly owns 11,702 shares in the company, valued at $2,808,480. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO William A. Newlands sold 7,426 shares of the company's stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $237.24, for a total value of $1,761,744.24. Following the transaction, the chief executive officer now directly owns 7,274 shares of the company's stock, valued at $1,725,683.76. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 141,793 shares of company stock worth $34,300,914. Company insiders own 12.19% of the company's stock.

Constellation Brands Company Profile

Constellation Brands, Inc, together with its subsidiaries, produces, imports, markets, and sells beer, wine, and spirits in the United States, Canada, Mexico, New Zealand, and Italy. The company provides beer primarily under the Corona Extra, Corona Familiar, Corona Hard Seltzer, Corona Light, Corona Non-Alcoholic, Corona Premier, Corona Refresca, Modelo Especial, Modelo Chelada, Modelo Negra, Modelo Oro, Victoria, Vicky Chamoy, and Pacifico brands.